Open Banking
The Quickest Way to Complete Your Loan
No Need to upload Bank Statements
With Open Banking, you can securely share your bank account information with us online, helping us process your loan application more quickly and efficiently.
Benefits of Open Banking
✅ Takes just a few minutes
✅ No bank statements to download or upload
✅ Speeds up your loan application
✅ Safe, secure and regulated
✅ Complete the process from anywhere
How to Use Open Banking
Before you start
You will need access to your online banking (app or website).
1. Apply for your loan
Complete your loan application as normal.
2. Check your email
You'll receive an email with a secure link.
3. Click the link
Open the email and click the secure Open Banking link.
4. Choose your account
Select the account(s) you want to share.
5. Log in to your bank
You will be taken to your bank's login page. Log in as you normally would.
6. Give permission
Confirm that you're happy to share your information.
That's it!
Your bank statements are shared instantly – no paperwork needed.
Open Banking is a secure way of sharing your bank account information electronically, instead of providing paper or downloaded bank statements.
Most members complete the process in just a few minutes.
No. Open Banking allows you to securely share the information we need without uploading documents.
You'll need access to your online banking through your bank's app or website and an email address on your loan application.
Yes. If you regularly use more than one bank account, you can add multiple accounts during the Open Banking process. This helps ensure we receive a complete picture of your financial transactions.
Yes. You log in directly through your bank and we never see your login details. Open Banking is a secure and regulated service.
Open Banking is available with most major banks. However, some financial institutions do not currently support Open Banking.
Alternative methods of providing bank statements are available, however Open Banking is usually the quickest and easiest option for completing your loan application.
See Our Quick Explainer Video Below:
- This Document also explains the AIS process.
Companies who carry out services in relation as part of our lending process including Metamo, and Graphical Financial Analysis (Visualyse service) for credit risk assessment, and CRIF and Truelayer for account information services (open banking information).
The Visualyse privacy notice can be found at
https://www.graphicalfinancialanalysis.com/Policies/PrivacyPolicy.pdf
Truelayer is an independent data controller providing Account Information Services
https://truelayer.com/en-ie/legal/privacy/
CRIF is also an independent data controller providing Account Information Services
The revised Payment Services Directive (PSD2) is a piece of EU legislation which entered into force in 2015. Among the primary objectives of PSD2 were:
• To protect consumers.
• To give people and small businesses the ability and choice to safely and securely share their financial data in order to get access to better financial services and products.
Being an AISP (Account Information Service Provider) means that a company can ask an individual or business for authorisation to connect to a bank account and use that bank account information to provide a service.
The service provided by an AISP is a regulated payment service.
Businesses who are AISPs are authorised to access bank account information on a ‘read only’ basis. This means that the AISP has access to the account information but will never be able to complete any transactions on your bank account.
Truelayer (Ireland) Limited is the AISP used by the Credit Union to enable Members to provide bank account information digitally, in support of loan applications. Truelayer (Ireland) Limited is registered as an Account Information Service Provider (AISP) with the Central Bank of Ireland (Institution code C433487).
If an AISP is registered in any EU member state, it can provide Account information Services (AIS) to consumers and businesses in any EU member state.
This Document explains how the overall process works
This service eliminates the effort of collecting, printing and returning bank statements to the Credit Union. Instead, your bank account information is transferred electronically to the Credit Union on your behalf (but only when you give authorisation to do so).
Your bank account data will only be used for the purpose of assessing your loan application to the Credit Union.
Truelayer (Ireland) Limited will access your account data only once (immediately after you have given authorisation).
Truelayer (Ireland) Limited will hold your bank account information on their systems for a maximum of one hour after accessing your bank account. After which, your bank account information will be deleted by Truelayer (Ireland) Limited on their systems.
Truelayer (Ireland) Limited will share your bank account information with the Credit Union (after authorisation by you) via the cloud-based loan application assessment system used by the Credit Union.
Truelayer (Ireland) Limited and Altura Credit Union Ltd. are two separate Data Controllers. Where Truelayer (Ireland) Limited shares bank account information with Altura Credit Union Ltd. it is based on consent which you provide to Truelayer (Ireland) Limited during the bank account information retrieval process to facilitate the loan application process, when you the Member authorise Truelayer (Ireland) to do so.
Truelayer (Ireland) Limited and Altura Credit Union Ltd. are two separate Data Controllers, therefore the Member will be able to access their rights separately with each entity. Altura Credit Union Ltd’s privacy notices are available here Truelayer (Ireland) Limited’s privacy policy is available here
As a Member, this is a new optional service offering directly for you by Truelayer (Ireland) Limited to reduce the time taken to process loan applications and to enhance the loan application process.
As a Member, this optional service is available to you directly at no extra cost.
